Equity markets have ripped higher over the last two weeks as investors became more hopeful of an end to the conflict in the Middle East. However, energy related commodities, particularly oil and gasoline, have remained elevated. That isn’t to say that some progress has been made for consumers at the pump. Crude Oil Continuous (CL/) gave a sell signal on its less sensitive 2-point chart following Tuesday’s action. While crude oil has bounced back and forth between giving buy and sell signals (expected given the heightened volatility), this recent sell signal breaks intermediate series of higher lows. In other words, the breakdown this week breaks a positive trendline that started after crude oil’s initial shock high. The chart’s bullish support line is still ten points away at $82, but these secondary trend lines can come in handy following a large upside or downside move.

Gasoline prices have also softened, but not to the same extent as crude oil prices. This is natural as gasoline must be processed, which creates a lag between input and output prices. Nonetheless, Gasoline Reformulated Continuous (UJ/) trades on a sell signal with established resistance from $3.20 to $3.40. Unlike crude oil, gasoline is still holding its secondary trend line following the initial shock move higher. There is also support at $2.90 on its 5-cent chart, which is an area where gasoline has found resistance over the last few years. For those that have energy exposure via stocks or ETFs, keep a close eye on gasoline as an indicator for any tailwinds/headwinds for the sector.

As yesterday’s feature detailed, the cap is back. Of course, when talking about the world’s biggest companies, we would be remiss not to focused on everyone’s favorite, the magnificent seven. In 2026, the magnificent seven has been more a bit more mediocre than magnificent, with the average member down 3.22% YTD compared to the near 2% gain for SPX. Many of the group sit well off highs established earlier in 2026, but the recent rally has been encouraging. In fact, as of price action through 4/14, the Nasdaq-100 (NDX) has put in a streak of 11 straight days of positive returns coming off the news of the most recent ceasefire in the Middle East which spurred major markets back towards positive for the year. Of course, as with any notable streak, questions arise about the magnitude of downside action when they break. Gain streaks like the one we are on (and still building with NDX landing in the green on 4/15) are quite rare, seeing NDX only post a winning streak longer than 11 days eight other times since 1992. As you may expect, more near-term results (5-day) after streaks end see negative average returns…. But more often than not don’t tend to carry over to the next month, three months, of half a year. At least conversationally, this makes sense: you don’t typically see gain streaks in weak (or weakening) market environments. While it certainly is true that markets have seen a bit of turbulence so far this year, they are far from being considered “weak.” All this to say, remind your clients that no winning streak can last forever, but history suggests markets will find their footing when this one does end.

Getting back to the magnificent seven conversation, we will look at a handful of interesting pictures for members of the magnificent seven. Performance for the group has been quite intense since the start of April. Amazon (AMZN) has been the strongest performer of the group, having gained just over 18% since 4/1. The only name to have retreated since the start of April has been Tesla, which is off almost 5% as it continues what has been a poor 2026 campaign. The table below showcases additional details for each mag-7 member, including their TA score, individual points away from support and respective OBOS reading at the time of this writing. Some high level details:

• Four members (NVDA, AMZN, GOOGL and APPL) hold what we would consider to be “technically acceptable” scores. This is up from just two members at the start of April.
• The average stock has gained 8.51% (through 4/14), outperforming SPX by just over 2.5% over the same timeframe.
• Despite the intense move to the upside, only one name (AMZN) is in heavily overbought territory with a weekly OBOS reading of 78%. The average stock is has a reading of 19%, roughly half that of the S&P 500.

NVDA has perhaps the most interesting technical picture as of 4/15. Semiconductors have been overwhelmingly resilient in 2026, besting other areas within technology (namely software) quite handily this year. Nvidia has largely swung back and forth between technically acceptable and a name we have looked to shy away from so far in 2026. Largely speaking, the stock has remained rangebound for the better part of the last year, bouncing back and forth between the mid-$160’s and all time highs. This rangebound action has led to some relative deterioration against other semiconductor stocks (NVDA now ranks 58th of 68 within its peer group matrix), seeing the 3/5’er return to both a sell signal and column of X’s against the DWASEMI peer group. This action leaves NVDA and other mag-7 names for that matter- in quite an interesting position. On one hand, markets seem to have digested the Iran war and are ready to push towards new highs. On the other, NVDA has come up to current levels now 11 different times over the last year, the sign of strong supply coming online. Similar commentary can be made for the likes of META or AMZN.

To avoid rambling, very similar, detailed commentary could be offered for each of these names. It’s also worth mentioning that many of your clients will have unique situations when it comes to the mag-7, particularly from a tax standpoint. Keep this in mind when making decisions that could impact you or your client next Tax Day. As always, set alerts to be notified of specific TA score changes or violations of desired support or resistance levels. 

Each week the analysts at NDW review and comment on all major asset classes in the global markets. Shown below is the summary or snapshot of the primary technical indicators we follow for multiple areas. Should there be changes mid-week we will certainly bring these to your attention via the report.

Remember, these are technical comments only. Just as you must be aware of fundamental data for the stocks we recommend based on technical criteria in the report, so too must you be aware of important data regarding delivery, market moving government releases, and other factors that may influence commodity pricing. We try to limit our technical comments to the most actively traded contracts in advance of delivery, but some contracts trade actively right up to delivery while others taper off well in advance. Be sure you check your dates before trading these contracts. For questions regarding this section or additional coverage of commodities email james.west@nasdaq.com.

Data represented in the table below is through 4/14/2026:

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